The new interest rates vary from 8.95 percent for overnight to 9.35 percent for three years, SBI said in a document posted on its website yesterday.

The base rate or the minimum lending rate of the bank is 9.3 percent.

Both HDFC Bank and BoB matched SBI's lending rate of 9.20 percent for one year and 9.3 percent for a two-year loan. The rate of interest will be 9.35 percent for a loan of three years duration. BoB fixed interest rate of 9.65 percent for 5-year loan.

The bank has also decided to levy a strategic premium of 0.35 percent over and above the marginal cost of funds based lending rate (MCLR) as above, BoB said in a statement.

PNB has pegged interest rate of 9.40 percent for one year, 9.55 percent for 3 years and 9.70 percent for 5 years.

Reserve Bank had asked banks to price fixed rate loans of up to three years based on their marginal cost of fund from April 1.

All banks will follow Marginal Cost of Funds based Lending Rate (MCLR) system, a new uniform methodology which will ensure fair interest rates to borrowers as well as to banks from today.

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